Latest news with #TWC
Yahoo
08-07-2025
- Business
- Yahoo
H2O America Significantly Expands Texas Footprint with Texas Subsidiary's Acquisition of Quadvest
More Than Doubles H2O America's Connections in Texas and Increases Exposure to High Growth Houston Region Drives Scale, Increases Financial and Operational Diversification, and Enhances Value and Reliability for Customers, Communities, and All Stakeholders Transaction Expected to be Accretive to Long-Term EPS Growth Rate; Texas Projected to Become Second Largest Utility Operation of H2O America by 20281 Company to Host Investor Webcast Today at 5:30 a.m. PT / 7:30 a.m. CT / 8:30 a.m. ET; Files Investor Presentation Highlighting Benefits of Proposed Combination SAN JOSE, Calif. and MAGNOLIA, Texas, July 08, 2025 (GLOBE NEWSWIRE) -- H2O America (NASDAQ: HTO) today announced that its regulated Texas water and wastewater utility, The Texas Water Company, Inc. ('TWC'), along with its affiliate Texas Water Operation Services, LLC ('TWOS'), and Quadvest, a regulated investor-owned water and wastewater utility operating in the Houston metro area, have entered into respective agreements pursuant to which TWC and TWOS will acquire all of the assets owned by Quadvest. This transaction marks a transformative milestone for H2O America, TWC, TWOS, and Quadvest, positioning the combined company to grow faster, operate at greater scale, and better serve communities across Texas. Quadvest is one of the largest water and wastewater utilities in Texas, with over 47,000 active connections and over 89,000 connections under contract and pending development. Its facilities include 50 water treatment plants, 27 wastewater treatment plants, and 89 lift stations and underground assets, serving approximately 69 developments. Quadvest brings to TWC operational scale, a strong development pipeline in some of the fastest growing parts of the Houston region, meaningful partnerships with a range of developers and community leaders, in-house engineering, procurement and construction capabilities, capital investment opportunities, and a talented and experienced team. This combination supports H2O America's ongoing efforts to diversify, extend, and enhance its services for customers across the U.S. Based on customer connections, Texas customers would have comprised approximately 17% of H2O America's total service base as of December 31, 2024, versus approximately 7% standalone, and they are projected to comprise approximately 26% of H2O America's service base by 2029. The transaction accelerates TWC's strategic expansion from the San Antonio and Austin corridor into the Greater Houston metro area, one of the fastest-growing regions in Texas. Together, TWC and Quadvest will create the second largest investor-owned water and wastewater utility in Texas, based on connections. The combined company will have even stronger builder and developer ties, with an active pipeline of approximately 96,000 connections under contract.2 H2O America is committed to continuing its investment in Texas, with plans to spend over $500 million in the state over the next five years. As a result of this transaction, H2O America expects to increase its customer-focused, consolidated five-year capital spending plan to approximately $2.1 billion, an increase of 6%. Andrew F. Walters, chief executive officer, H2O America, said, 'The addition of Quadvest to TWC is a unique opportunity to strategically diversify, enhance, and expand H2O America's operations in one of the nation's fastest-growing regions, while strengthening our network of developers and driving stronger returns for our investors. TWC and Quadvest will remain rooted in the Texas communities they serve today and continue to invest in sustainable infrastructure. By combining Quadvest's and TWC's deep local expertise with H2O America's robust national platform, we will meaningfully advance our central mission to provide communities with clean, high-quality water and exceptional service.' Mr. Walters added, 'This combination is also expected to provide a stronger platform by enhancing our exposure to high-growth Texas markets, with Texas projected to become our second largest utility operation by 2028.1 We expect the combination to be accretive to our long-term growth rate, support our consolidated credit profile, and drive continued investment opportunities for H2O America. We remain committed to opportunistically executing strategic M&A to drive value for customers and shareholders.' 'Our combination with Quadvest represents an opportunity to grow our operations and provide safe, reliable, and sustainable water and wastewater solutions to tens of thousands of additional Texans,' said Aundrea Williams, president, TWC. 'With increased scale, TWC will be well positioned to strengthen operational excellence, customer service, and infrastructure investment, while maintaining our and Quadvest's shared commitment to local expertise and an ownership mindset. Our combination is a natural fit, bringing together two companies who have aligned cultures, a mutual focus on community investment, and benches of talent who will drive our strategy forward. We have deep respect for the legacy Quadvest has built under the leadership of the Sequeira family, and we are excited to welcome Quadvest's talented team to TWC. We look forward to working together to deliver high-quality water and enhance the health and vitality of the Texas communities we serve.' Simon Sequeira, chief executive officer, Quadvest, said, 'We are pleased to join TWC, combining our talent, experience, and vision to deliver lasting value for our customers, business partners, and communities. One of the main reasons we chose TWC is their respect for the brand and incredible team we have built at Quadvest. Together, we and TWC will unlock new opportunities for growth, innovation, and advancement for our people, while preserving the culture and vision that have always defined Quadvest. Combining with TWC will also enhance our ability to work with our business partners – including developers, builders, engineers, vendors, and community leaders – driving speed, flexibility, and the ability to get projects done. With increased capital, deeper operational capacity, and national backing, we believe we will be better positioned than ever to accelerate timelines, scale infrastructure, and deliver outstanding service. TWC and H2O America both share the deep dedication to quality, reliability, integrity, and local accountability that have driven Quadvest's success for nearly 50 years.' Leadership Upon the completion of the combination, Ms. Williams will continue to serve as president of TWC. Transaction Details and Financing Pursuant to the first agreement, TWC will acquire regulated systems owned by Quadvest, L.P. for $483.6 million, and under the second agreement, TWOS will acquire systems owned by Quadvest Wholesale LLC for $56.4 million, for a combined transaction value of $540 million. The transaction will be financed by a combination of privately placed debt and equity infusions from H2O America. The transaction will be financed in a manner that allows H2O America to maintain its strong balance sheet and current credit ratings. The transaction is not subject to any financing condition. Timing and Closing Conditions The transaction was unanimously approved by the H2O America and TWC Boards of Directors. The transaction is expected to close by mid-2026, subject to customary closing conditions and approvals, including the approvals of the Public Utility Commission of Texas and expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Investor Webcast and Presentation H2O America and TWC will host a live webcast to discuss the transaction at 5:30 a.m. PT / 7:30 a.m. CT / 8:30 a.m. ET, on Tuesday, July 8, 2025. Interested parties may access the webcast and related presentation at An archive of the webcast will be available until October 7, 2025. Customer Information An infographic and additional information for customers is available at Advisors J.P. Morgan Securities LLC is serving as financial advisor to H2O America, and Baker McKenzie LLP is serving as legal counsel. H2O America has also retained Spencer Fane LLP as local regulatory counsel. Porter Hedges LLP and Gregg Law PC are serving as legal counsel to Quadvest and Quadvest Holdings. Newport LLC is serving as business advisor and WaterLogic Advisors represents Quadvest and Quadvest Holdings in the transaction process. About Texas Water Company The Texas Water Company has successfully provided safe and reliable water and wastewater service to its customers in Texas since 2006 and safeguards public health, promotes environmental stewardship, and delivers sustainable solutions in seven counties. We provide a broad range of solutions to the communities we serve, from management of water and wastewater treatment infrastructure to the design and implementation of water reuse technology, water supply development and more. About H2O America H2O America (NASDAQ: HTO) is a national investor-owned network of local water and wastewater utilities united by one purpose: delivering clean, high-quality water to the communities we call home. For H2O America, providing water is more than a responsibility—it's a privilege. Every connection we serve helps sustain what matters most: public health, vibrant neighborhoods, and a reliable future. Across approximately 407,000 water and wastewater service connections, we invest in critical infrastructure to strengthen water supply for generations to come. We stay actively engaged in our local communities while focusing on operational excellence and delivering sustainable, long-term value to our investors. Water is local—and so are our roots. Through our four regional water utilities—Connecticut Water, Maine Water, San Jose Water, and Texas Water—we proudly serve more than 1.6 million people across the country. Together, we protect what's precious. For more information, please visit our website at About Quadvest Quadvest is a family-owned and operated water and wastewater utility company proudly serving residential and commercial customers throughout the Greater Houston area. For over four decades, Quadvest has remained committed to delivering high-quality, reliable water services while prioritizing customer care, community growth, and sustainable practices. Unlike many utilities, Quadvest is privately owned, which allows us to offer a unique customer-first approach with faster response times, transparent service, and local decision-making. Quadvest continues to innovate by investing in modern infrastructure, smart water technologies, and process improvements that ensure safe, efficient, and affordable water solutions. Learn more at Forward Looking Statements This communication contains forward-looking statements within the meaning of the federal securities laws relating to the proposed asset acquisitions by TWC and TWOS and the transaction timeline, as well as the anticipated future performance, financial and other benefits, scale, diversification, synergies, and strategic direction of the combined operations. These statements are based on current expectations, estimates, forecasts, and projections about H2O America and its subsidiaries, and the industries in which H2O America and its subsidiaries operate, as well as the beliefs and assumptions of the management of H2O America. Some of these forward-looking statements can be identified by the use of forward-looking words such as 'believes,' 'expects,' 'projects,' 'plans,' 'estimates,' 'anticipates,' 'intends,' 'seeks,' 'plans,' 'will,' 'may,' 'should,' 'approximately,' 'strategy,' or the negative of those words or other comparable terminology. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed or forecasted in any forward-looking statements. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the ability to obtain required regulatory approvals, including from the Public Utility Commission of Texas and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976; (2) the risk that the transaction may not close on the anticipated timeline, or at all; (3) the ability to successfully integrate Quadvest's operations and realize the projected financial and other benefits of the transaction, including the expectation that it will be accretive to H2O America's long-term EPS growth rate; (4) the accuracy of projections regarding the anticipated growth in Texas; (5) the continued availability and performance of Quadvest's and H2O America's workforce and leadership teams during and after the transition; (6) the effect of water, utility, environmental and other governmental policies and regulations, including regulatory actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures, per- and polyfluoroalkyl substances and other decisions; (7) changes in demand for water and other services; (8) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic, or similar occurrences; (9) unanticipated weather conditions and changes in seasonality including those affecting water supply and customer usage; (10) the effect of the impact of climate change; (11) unexpected costs, charges, expenses, delays or operational challenges in scaling infrastructure and expanding service; (12) our ability to successfully evaluate investments in new business and growth initiatives; (13) contamination of our water supplies and damage or failure of our water equipment and infrastructure; (14) the risk of work stoppages, strikes, and other labor-related actions; (15) changes and developments in general economic, political, legislative, business and financial market conditions; and (16) the ability to obtain financing on favorable terms, or at all (including financing for the transaction in a timely manner), which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions. The risks, uncertainties and other factors may cause the actual results, performance or achievements of H2O America to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In addition, actual results are subject to these and other risks and uncertainties that relate more broadly to our overall business, including those more fully described in our filings with the SEC, including our most recent reports on Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements are not guarantees of future performance, and speak only as of the date made, and H2O America undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Contacts H2O America Nazan Riahei Vice President of Communications (408) 731-0890 Ann Kelly Chief Financial Officer and Treasurer(408) Daniel J. Meaney Director of Investor Relations (860) 664-6016 InvestorRelations@ Texas Water Company communications@ Quadvest Monette SmithPR Marketing, LLCmonette@ 1 Based on net income.2 As of December 31, 2024.
Newsweek
23-06-2025
- Newsweek
Tourist Loses Wallet on Vacation—One Month Later Receives Anonymous Letter
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. An anonymous letter than was sent to a 28-year-old from the United States who lost their wallet on a vacation in London, England, has melted the hearts of viewers online. The vacationer, who told Newsweek that they are from Chicago, Illinois, had been traveling through London in May when they lost their wallet "somewhere" along their trip. The poster, who goes by u/badvices7 on the platform, told viewers on June 16 that they had received a kind letter in the mail from a person who had found the missing wallet. Viewers were able to see a picture of the letter, with the text reading: "Hi, hope this finds you well. I picked up a green cardholder containing some credit cards and your ID along The Mall, London, near Buckingham Palace / Piccadilly Circus on the afternoon of Monday 13th May. There was no cash in the cardholder. "I tried to look up for your details and to contact a next of kin, but couldn't get through to a number at the address on the ID. I then rang American Express in the U.S. to advise that you have lost your cards, which were then blocked." The person who had found the cardholder added that they had asked American Express to notify the vacationer of their update. They had also told the bank they would be sending the items to the vacationer's Illinois address. The letter that the vacationer from Illinois received in the mail is seen. The letter that the vacationer from Illinois received in the mail is seen. u/badvices7 The letter had been signed "TWC." "Was visiting London, England, from the U.S. last month and lost my wallet somewhere; I blame it on the small pockets in my shorts," the vacationer had said. "Thankfully, this wasn't too much of a hassle during vacation with Apple wallet nowadays, but it was still unfortunate. "Lo and behold I see a package in my apartment's package room, someone found my wallet [and] shipped it back … It's been quite a year so this was really such a thoughtful gesture and seriously made my month." The vacationer added that, while they have not been able to figure out who had helped them, with there being no return address on the parcel, they would love for viewers to help them find a way to pay them back for the shipping. "If anyone has any ideas (or if this is you!), please let me know! Can't wait to visit your city again and this time not lose my wallet," the vacationer said. To date, the post has been upvoted more than 7,600 times, drawing in comments from viewers who were pleasantly surprised by the kind gesture. "S/he probably didn't give you their details so that you would not feel obliged to do something for them," one viewer posted. "TWC is probably their initials." "What a wonderful human being this TWC is," another added. "This is so British," a third commented. "Love it and this made me smile." One comment reads: "Nice of them." Do you have any funny or adorable videos or pictures that you want to share? We want to see the best ones! Send them to life@ and they could appear on our site.
Yahoo
29-05-2025
- Business
- Yahoo
Chevron Cuts Almost 800 from Workforce in Permian
Chevron is laying off some 800 employees at three Midland, Texas, facilities in the Permian Basin, effective July 15, according to documents filed with the Texas Workforce Commission (TWC). Reuters reported in February that the supermajor would reduce its global workforce by up to 20%—about 8,000 people—as part of an effort to cut costs, simplify its business and complete a major acquisition. Houston-based Chevron has faced production challenges including cost overruns and delays in a large Kazakhstan oilfield project. Its $53-billion deal to acquire oil producer Hess and gain a foothold in Guyana's lucrative oilfield is in limbo while a protracted court battle with rival Exxon Mobil plays out. A consolidation trend that swept the upstream space through the end of 2024 has resulted in several large layoff announcements in Texas. In October, Marathon Oil advised the TWC of its plan to cut more than 500 jobs once its merger with ConocoPhillips closes.
Yahoo
27-05-2025
- General
- Yahoo
PBTISD opens Discovery School & Pre-K 3 program for the community
PECOS, Texas (KMID/KPEJ) – Pecos-Barstow-Toyah ISD (PBTISD) is excited to announce that beginning in July 2025, the Discovery School will officially open its doors to the broader Pecos community. In addition, the district will launch a Pre-K 3 program for eligible students, marking a new chapter in PBTISD's cradle-to-career commitment. The Discovery School, a state-of-the-art early childhood center developed to serve PBTISD employees with young children, will now also be available to community members. By expanding access, PBTISD continues its mission to be a 'good neighbor,' strengthen community ties, and address the need for affordable, high-quality childcare in the region. 'This is an exciting step for our district and our community,' said Superintendent Brent Jaco. 'Opening Discovery School to our neighbors and launching a Pre-K 3 program reflects our dedication to supporting families, investing in early childhood education, and fostering a lifelong love of learning. This is more than access—this is opportunity.' With its welcoming, developmentally appropriate environment, the school is designed to meet the highest standards of early childhood care and education. In July 2024, the Discovery School opened its doors to employees of local taxing entities, like the Town of Pecos City, Reeves County, Reeves County Emergency Services District, and Reeves Regional Health Hospital employees. Thus, to ensure equitable access and support for staff, the district will set a portion of spots for PBTISD Employees and local entity employees. Once places have been identified, a waiting list and a first-come, first-served system will be used to place community children once availability is determined. Monthly tuition for community families will be:● $950 per month for children ages 6 weeks to 17 months● $700 per month for children ages 18 months to 3 years In tandem with the expanded childcare access, PBTISD will also officially launch its Pre-K 3 program this fall through a formal partnership with the Discovery School. The program, established in accordance with Texas Workforce Commission (TWC) guidelines and Texas Education Agency (TEA) expectations, allows the district to offer high-quality, certified early learning to eligible 3-year-olds. This effort aligns with a statewide initiative launched in November 2021, when TWC committed $26 million to expand Pre-K partnerships. These partnerships enable school districts to collaborate with high-quality childcare providers to increase access and improve early learning outcomes for young children. As a Texas Rising Star facility, the Discovery School is on track to receive the prestigious 4-star rating—the highest available—by December 2025. This distinction demonstrates PBTISD's commitment to excellence and ensures that students receive top-tier care and instruction from the very beginning. Under the agreement, the Pre-K 3 program will include at least two classrooms at Discovery School, with each classroom led by a Certified Early Education Teacher. The program expands PBTISD's current open-enrollment PreK to include both eligible and non-eligible students. For more information about Discovery School, visit Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Epoch Times
19-05-2025
- Business
- Epoch Times
Texas Employment Numbers Hit Record High in April for 5th Consecutive Month
Texas's total nonfarm employment hit a record high last month following thousands of new job additions, the Texas Workforce Commission (TWC) said in a May 16 The state added 37,700 new positions in April, which took the total number of nonfarm jobs in Texas to 14.32 million. This was the fifth consecutive month of record-high jobs. Over the past year, 215.500 jobs have been added, with the state's annual nonfarm job growth rate exceeding the national rate. Total civilian labor force— 'The positive trends in the Texas labor market show the Lone Star State's efforts to invest in the success of the Texas economy,' said TWC Chairman Bryan Daniel. TWC's commissioner representing labor, Alberto Trevino III, attributed the growing demand for skilled workers across various industries to the state's 'strong focus on innovation and economic growth.' Related Stories 5/15/2025 5/14/2025 The services sector saw the largest number of employment additions, with 27,400 new jobs added in April from the previous month. This was followed by the professional and business services sector with 10,900 new jobs and the goods-producing industry with 10,300 jobs added. The unemployment rate in the state was 4.1 percent, the TWC statement said. In a May 16 'Businesses invest with confidence in Texas thanks to the Best Business Climate in America and our highly skilled and growing workforce. That is why Texas employers have added more than 2.5 million jobs since I became governor and why more Texans are working than ever before,' he said. 'But we will not be complacent. We will continue to advance pro-growth economic policies, invest in career training for high-demand occupations, and partner with Texas businesses and innovators to remain the Best State for Business and the best state for good-paying jobs over the next decade and beyond.' Delaware Exodus Texas's stellar job numbers come as the state stands to benefit from any potential The issue was highlighted by Simon Property Group, a Delaware corporation, in a March 21 filing with the Securities and Exchange Commission. Businesses incorporated in Delaware are facing an 'increasingly litigious environment,' which imposes significant financial and human resource costs on companies, it said. Delaware's corporate laws had come under intense criticism from industrialist Elon Musk last year after a court in the state blocked a $56 billion pay package from Tesla to him as CEO, despite approval by the board of directors. The court issued the decision based on a case filed by an individual who owned just nine shares in the company. Musk later shifted the incorporation of Tesla and SpaceX from Delaware to Texas. Last week, Abbot signed into law Senate Bill 29, a 'pro-growth' business legislation, his office Senate Bill 29 tackles the situation of courts overriding corporate decisions. The bill ensures that 'business decisions are made by Texas corporations, through their shareholders and elected boards, and not third-party activists,' the office of Texas state Sen. Bryan Hughes, who filed the bill, said in a Feb. 27 Abbott said the bill provides companies 'the certainty that sound business judgments made in the best interest of shareholders will not be second-guessed by courts.'
